yaris cross discounts

[cruiserOAP]

Checking for discounts online, What Cars target price for the Cross Icon is £1256 off. CarWow started with offers of £738 off list, but one dealer is now offering £2216 off list! My local dealer has matched the What Car price. Seems to be a wide variation of discounts. Has anyone done better that £2216?

[Mojo1010]

This includes taking out PCP, otherwise add 1750 on top. If you have all the money then pay it off a day after picking up the car to take advantage of Toyota contribution. 

[Gray86]

Drive the Deal were doing 16% a few weeks ago. Not sure now 

[YarisHybrid2016]

I haggled and got over 4k off for cash.

[Cyker]

That was pretty impressive; Did you walk in there with a machine gun or compromising photos of the centre manager something??  

[cruiserOAP]

Hi all  I am told that you can settle the whole amount of a PCP straight after collection, but then the dealer will lose their commission, which they may have factored in their cash discount, so to be fair to the dealer, make a couple of payments first.

On this subject, do Toyota's finance company charge a settlement fee, and I'm assuming that if I settle in full after 2 payments, I will just pay 2 months interest. Is this correct?

 

 

[cruiserOAP]

On 3/19/2023 at 7:36 PM, YarisHybrid2016 said:

I haggled and got over 4k off for cash.

My dealer told me they were losing £1000 by giving me £2216 cash discount, but they do it to earn the Toyota sales bonus, which can be £100,000

[Mojo1010]

If there is a settlement admin fee, it's very low, maybe 10-30£. Why would u not save money instead of making a few repayments? The garage still gets a commission/bonus from the sale. My PCP interest works out £2600 interest for 24 months, so the first 2 payment would probably be around £150 in interest each. Don't always believe what the salesman tells you. 

Think I have given you the best quote info in my previous post. 

[cruiserOAP]

I'm finding it very difficult to get a definitive answer in writing from either the dealer or the Toyota finance r.e. early settlement of PCP. The dealer suggested I could pay off the whole loan early, and only pay interest for the few monthly payments already made, and keep the deposit contribution.
When I emailed them to confirm this, no reply. I emailed Toyota and asked specific questions, and they haven't replied either.

I think if I can't get a guarantee in writing about this, I will leave the PCP deal and just use the £2200 cash discount.

[RonYarisX]

12 hours ago, cruiserOAP said:

Hi all  I am told that you can settle the whole amount of a PCP straight after collection, but then the dealer will lose their commission, which they may have factored in their cash discount, so to be fair to the dealer, make a couple of payments first.

On this subject, do Toyota's finance company charge a settlement fee, and I'm assuming that if I settle in full after 2 payments, I will just pay 2 months interest. Is this correct?

 

 

Are you able to tell us how their commission works?

If a dealer has built in their commission to their cash discount then that's no different to placing a bet at Cheltenham and spending your winnings before the race has started. No disrespect but it would be a very stupid dealer who gambles his or her profit margin based on chance. 

If you want to be fair to the dealer, simply tell them your intentions of settling the PCP early. They may be disappointed but it makes no difference to the price of the car. I have no issues whatsoever telling the dealer my intentions. The topic almost always crops up whenever they ask how much I want my monthly payments to be. My standard response is my preference is maximum deposit over the shortest term but I'm happy to sign up to whatever's easiest for you because I have no intentions of paying interest on the loan.  

I'm getting tired of saying this but lets do it one last time. PCP is a contract between you and the finance company. It has nothing to do with the price of the car. It's the finance company who's giving you a cash incentive for their product, it has nothing to do with the dealer or the car. Any subsequent arrangement the dealer has with the finance company is between them. Quite frankly, it's none of my business.    

I've answered your other questions elsewhere but rather than listen to people who've already purchased cars this way, why don't you get it straight from the horses mouth? Just phone up Toyota finance and ask them. There's no secrets, there's no trick to it, you're not cheating anyone, just ask them what happens if you decide to make an early settlement.

 

 

[Mojo1010]

Ron, you and some members here have a lot of patience and are helpful, I don't have that much patience to those that choose not to take up the info from people who have done this and from those with knowledge of this financial product. Some of us gets called names for being helpful would u believe. Confirmed silly Billy, that really made me laugh 🤣

[YarisHybrid2016]

On 3/19/2023 at 7:57 PM, Cyker said:

That was pretty impressive; Did you walk in there with a machine gun or compromising photos of the centre manager something??  

There was an element of timing. I went earlier in the week and the sales lady suggested I waited for their sales event later that week. I think that weekend they were chasing volume. They seemed to go out of their way for a sale.

[cruiserOAP]

11 hours ago, RonYarisX said:

Are you able to tell us how their commission works?

If a dealer has built in their commission to their cash discount then that's no different to placing a bet at Cheltenham and spending your winnings before the race has started. No disrespect but it would be a very stupid dealer who gambles his or her profit margin based on chance. 

If you want to be fair to the dealer, simply tell them your intentions of settling the PCP early. They may be disappointed but it makes no difference to the price of the car. I have no issues whatsoever telling the dealer my intentions. The topic almost always crops up whenever they ask how much I want my monthly payments to be. My standard response is my preference is maximum deposit over the shortest term but I'm happy to sign up to whatever's easiest for you because I have no intentions of paying interest on the loan.  

I'm getting tired of saying this but lets do it one last time. PCP is a contract between you and the finance company. It has nothing to do with the price of the car. It's the finance company who's giving you a cash incentive for their product, it has nothing to do with the dealer or the car. Any subsequent arrangement the dealer has with the finance company is between them. Quite frankly, it's none of my business.    

I've answered your other questions elsewhere but rather than listen to people who've already purchased cars this way, why don't you get it straight from the horses mouth? Just phone up Toyota finance and ask them. There's no secrets, there's no trick to it, you're not cheating anyone, just ask them what happens if you decide to make an early settlement.

 

 

I have phoned Toyota finance, and they told me I can settle after the contract has been activated, i.e. not cancelled during the first 14 days. I can then keep the deposit contribution, and have just paid interest on whatever monthly payments have already been made. The rest of the interest liable for a full term agreement, as stated in the contract, is then negated.

I think people (and even some salespeople) are confusing Cancellation, Settlement, and Termination, which are 3 completely separate processes.

The only problem is that I have not received a reply from my email to Toyota asking them to confirm the same info by email, for the record. The dealer also told me the same thing during my visit to the showroom, but has also not replied to my email asking for confirmation by email. This is a bit troubling, so when it comes to signing the PCP contract before collection, I will see what the terms and conditions say, and if they don't explicitly state that I can settle without penalty, I will just pay cash for the car. I have a cash discount of £2216 anyway, so leaving the £1750 PCP giveaway might be worth it to avoid any hassle.

[flash22]

Using a broker every one is taking their cut, buying from a dealer means sales are taking a larger cut there is a good 20-40% profit on a new car the margins aren't that tight

also, most of these deals are for lower grade cars as they are more readily available, A yaris excel comes out at £26k plus extras, the best deal would be £23.7K, so deals are getting better, i wouldn't want PCP

[pepperoni]

On 3/21/2023 at 8:37 AM, Mojo1010 said:

If there is a settlement admin fee, it's very low, maybe 10-30£. Why would u not save money instead of making a few repayments? The garage still gets a commission/bonus from the sale. My PCP interest works out £2600 interest for 24 months, so the first 2 payment would probably be around £150 in interest each. Don't always believe what the salesman tells you. 

Think I have given you the best quote info in my previous post. 

You certainly have and even if no PCP is taken the discount is £2395 (assuming DTD have listed the OTR price correctly) I've always paid off my PCP deals...with numerous finance companies, never had any problems. This time however I will not be doing that...then again I'm on 0% 🙂

 

[cruiserOAP]

23 hours ago, cruiserOAP said:

I have phoned Toyota finance, and they told me I can settle after the contract has been activated, i.e. not cancelled during the first 14 days. I can then keep the deposit contribution, and have just paid interest on whatever monthly payments have already been made. The rest of the interest liable for a full term agreement, as stated in the contract, is then negated.

I think people (and even some salespeople) are confusing Cancellation, Settlement, and Termination, which are 3 completely separate processes.

The only problem is that I have not received a reply from my email to Toyota asking them to confirm the same info by email, for the record. The dealer also told me the same thing during my visit to the showroom, but has also not replied to my email asking for confirmation by email. This is a bit troubling, so when it comes to signing the PCP contract before collection, I will see what the terms and conditions say, and if they don't explicitly state that I can settle without penalty, I will just pay cash for the car. I have a cash discount of £2216 anyway, so leaving the £1750 PCP giveaway might be worth it to avoid any hassle.

By the way... I've now been told that the PCP contract is not activated until the first payment is made, so if you ask to pay off the whole loan before then, they will treat it as a cancellation, not settlement, and you will lose the deposit contribution. You may not realise this because you are paying the whole cost of the car in both scenarios, but with a cancellation, you have reverted to a cash sale from the dealer, but with a settlement, you are paying the lump sum to the finance company 

[Bob66]

On 3/22/2023 at 9:26 AM, cruiserOAP said:

I have phoned Toyota finance, and they told me I can settle after the contract has been activated, i.e. not cancelled during the first 14 days. I can then keep the deposit contribution, and have just paid interest on whatever monthly payments have already been made. The rest of the interest liable for a full term agreement, as stated in the contract, is then negated.

I think people (and even some salespeople) are confusing Cancellation, Settlement, and Termination, which are 3 completely separate processes.

The only problem is that I have not received a reply from my email to Toyota asking them to confirm the same info by email, for the record. The dealer also told me the same thing during my visit to the showroom, but has also not replied to my email asking for confirmation by email. This is a bit troubling, so when it comes to signing the PCP contract before collection, I will see what the terms and conditions say, and if they don't explicitly state that I can settle without penalty, I will just pay cash for the car. I have a cash discount of £2216 anyway, so leaving the £1750 PCP giveaway might be worth it to avoid any hassle.

Picked up my car 1 March 2023....Cross excel .

I asked for a settle figure for my PCP within the first week , they didn't ask for return of contribution, so I paid it off.

[Bob66]

2 hours ago, cruiserOAP said:

By the way... I've now been told that the PCP contract is not activated until the first payment is made, so if you ask to pay off the whole loan before then, they will treat it as a cancellation, not settlement, and you will lose the deposit contribution. You may not realise this because you are paying the whole cost of the car in both scenarios, but with a cancellation, you have reverted to a cash sale from the dealer, but with a settlement, you are paying the lump sum to the finance company 

I paid my PCP off before any payment was due....no penalty.

[Bob66]

This is the proof / evidence of paying off PCP early ; 07 March 2023	Outstanding Balance	£0.00
06 March 2023	Settlement rebate	-£2,272.77
06 March 2023	Credit/debit card	-£20,547.15
05 March 2023	Opening Balance	£22,819.92